Recall that Bain Capital and THL Partners sued a bevy of banks, notably Citigroup and Deutsche Bank, hoping to compel them to finance their $27 billion deal to buy Clear Channel. The New York Post reports that some emails sent among the bankers may be used by the private equity plaintiffs to show that the banks were scheming to get out of the deal. Of course, you can't blame them. Given the state of the leveraged loan market, they likely would be forced to swallow huge losses if the financing took place. One email seemed to call for banks to "start focusing on a plan of action for restructuring the financing." The banks argue that Bain and THL decided the deal wasn't worth it and wanted to find a way to get out of paying the break-up fee.  

For more:
- here's the New York Post article

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